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03/00/1995 15:49 6129208474 <br />0 PROPERTIES, MC. <br />ASSE! & RRQPER1Y RAIUG[N{ni <br />DIAMOND HILL CENTER <br />S U I T E O N E H U N D R E D <br />4301 HIGHWAY SEVEN <br />ST, LOUIS PARK: MN 55416 <br />TEAM <br />OFFICE : (612) 920 -6555 <br />F A X : (6121920 -8474 <br />VIA FAX - 612-484 -4538 <br />March 8, 1995 <br />Mayor Michael I. Fahey <br />City of Little Canada <br />515 Little Canada Road <br />Little Canada, MN 55117 <br />Re: The Market Place <br />2900 North Rice Street <br />Little Canada, MN 55113 <br />SALITERMAN LTD PAGE 02 <br />Dear Mayor Fahey, <br />Team Properties, Inc. was engaged over 1.5 years ago by Mkt), Inca <br />who is a wholly owned subsidiary of TCF Bank fsb as exclusive <br />property managers /leasing agent & sale agents for The Market Place. <br />Team Properties, Inc. and /or MRP, Inc. have never entered into an <br />oral or written agreement with Gary Collyard or Joe Vitale for the <br />purchase of The Market Place. <br />I would ask, that at tonight's city council meeting that you inform <br />the city council and all the citizens of Little Canada and the <br />surrounding cities that we have no intentions of tearing down the <br />property and in fact we are leasing the property as we speak. The <br />property is of course for sale. <br />At this time, Rainbow Foods has extended their lease through <br />January 5, 1996. We are presently talking with Gateway Foods <br />regarding putting in one of their franchisor's into this location. <br />Snyder Drugs has also extended their lease through January 31, <br />1996. snyder's has informed us that they would like to renew their <br />lease but they are waiting for a long term lease to be signed by <br />Gateway Foods. <br />We expect all new leases to be finalized in the next 6 months. <br />Page 7 <br />